South Korea to invest $230M for Blockchain advancement

The Ministry of Science and ICT of South Korea revealed a Blockchain Technology Development Strategy on June 21st earmarking a total of 230 billion Won (over of $200M USD) for the development of blockchain-based technology.

The South Korean government has announced that it plans to finish the fundraising by 2022. In an attempt to further the development and advancement of blockchain-based technology, the Korean government plans to nurture over 10,000 industry professionals and 100 companies.

Furthermore, the country’s plans are to streamline the investments into a few different directions. The overall aim is to increase the country’s competitive edge in blockchain technology.

The Ministry said that the plan will run starting next year, in expanding the scale and to further the support for six blockchain pilot projects. They are spread across different fields, highlighting the cross-industry benefits of blockchain technology.

South Korea’s ministry has also announced its intentions to support the development of BaaS. Their main goal is to further assist companies, which specialized in the development of blockchain technologies.

In order to do so, the ministry will provide roughly around 10 BaaS purchase vouchers that guarantee government payments to small and medium-sized enterprises (SMEs) on a yearly basis.

The announcement also highlighted the fact that the ministry will be organizing research teams.

They will work to strengthen the currently existing laws, which are currently hindering widespread adoption of blockchain technology in the country.